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Real estate market is fastly growing market. The market size of Real estate industry in India is expected to reach US$ 1 trillion by 2030. With the growth in market size, startups are coming up with real estate services to find solutions for different requirements of property services. Rental platforms are also growing subsequently. Owners and Tenants both need services for managing and finding properties respectively.
Ownex is a Real Estate service provider that provides tech-enabled real estate rental platform for owners and tenants to get benefitted from. Read to know about Ownex, founders, services, and the startup story.
Ownex - Company Highlights
- Startup Name-Ownex
- Headquarters-Mumbai
- Industry-Real Estate
- Founder-Mohd. Sajid, Muhammed Ali, and Pratik Mishra
- Founded-2022
- Website--ownex.in
Ownex - About
Ownex is Mumbai's 1st tech-enabled real estate rental platform that offers 15 Days Renting Guarantee along with free tenant replacement and complimentary property management solutions that help you maximize the worth of your home and enhance the quality of your lifestyle.
They are an end-to-end tech-enabled real estate Property management solution. They manage residential rental properties. Get the best rent, expert maintenance and take care of tenant hassles throughout the life cycle of the agreement.
They currently serve in Mumbai.
Ownex Provide 2 set of service to their clients:
- Property management package for flat owner
- House finding package for tenant
Ownex - Vision
Company short term vision is to serve 400+ Clients and take 200+ Paid property under Management by April 2023.
Ownex Vision is to make the average turn around time of tenant finding/property renting to 7 days and to onboard 10k paid property under management.
Ownex - Core Belief
They believe in solving the real issue in real estate rental transaction like:
- Rental loss
- Tenant replacement charges
- Delay in renting
- High brokerage
Ownex - Industry
Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 (Sources: ibef.org).
Ownex aim at capturing a big opportunity in the O2O (offline to online) real estate services market.
In India, about $32 billion (about Rs 2.27 lakh crore) of rent transactions take place annually and the brokerage opportunity of $3 billion (about Rs 21,300 crore) is expected to grow further as more consumers are inclining towards shared economy from asset ownership models. (Sources: Knightfrank.Com)
Over 20 lakh houses in 12 Indian cities, including 5 lakh in MMR alone, are lying vacant because landlords are reluctant to let them out. Low rentals amounting to barely 2-5% of the flat cost, high transaction costs, brokerage and stamp duty are among the reasons, said a report released on Tuesday. (Sources: Royal Institution of Chartered Surveyors (RICS)).
Mumbai has a large number of empty flats due to the following reasons:
Unsold stock of tier II builder flats (currently with the Builder)
Unsold stock of investment (currently with the Investor)
Vacant flats that the owner do not want to put on rent
Vacant flats that does not go on rent (variety of reasons: high rent/land lord issues/society issues, etc.)
Ownex - Founder and Team
Mohd. Sajid, Muhammed Ali, and Pratik Mishra - Founders of Ownex
Pratik Mishra, Mohd. Sajid, and Muhammed Ali - Founders of Ownex
Mohd. Sajid, Muhammed Ali, and Pratik Mishra are the founders of Ownex.
They are a trio of Sr Manager, Manager and Associate. Whenever they got time they always discussed about the current and possible upcoming challenges in this industry and the possible overcome they can suggest.
They always discuss about the wrong move by few startups in this domain.
There is one thing common in all 3 of them and that is the love towards the real estate industry.
Mohd. Sajid: Co -founder and CEO
Sajid has completed MBA in Marketing from SIBM and has 6 years of exxperience as senior manager in square yards and PMS vertical, Worked with company like Accenture, and MRF. He is a Visionary. His key skills includes Leadership, Marketing, Problem Solving, and Budget Management.
Mohd Sajid take cares of all operations, Marketing and Business development, technology.
Pratik Mishra
Pratik Mishra handle Field Sales and Supply addition.
He has a Bachelors degree in Commerce from KJ Somaiya and an experience of 10 years in Business Development. He earlier worked with companies like Azuro, NJ Relocations, Exide Life Insurance. He is well versed in skills like Resilience, Active Listening, Rapport Building, and sales.
Muhammed Ali
Mohd Ali handles finance and Corporate. He is responsible for developer tie ups.
He is a bachelors in Commerce with 8 years of experience in Business Development. He worked with companies CredR, Azuro, Justahome and few real estate developer. His key skills include Business Development, Collaboration, Negotiation & Persuasion.
Ownex - The Idea and Startup Story
All the three founders being in the same industry for a very long time and worked on each level of this domain so they observed many startup has came to structure the real estate rental market but failed to do so and the reason they observed are:
- The solutions are not matching with the problems which are exist in the market
- They never understand what clients need and expect from the startup
- They are unable to tackle the local brokers
- Their service level are not upto the marked
- They have observed the 3 major things which market needed very badl
- They want to rent out their flat asap and don’t want Loss to their rental.
- They don’t want to pay a replacement fee to the broker
Since tenant are moving very frequently, they don’t want to pay 1 month's rent as brokerage especially without any add-on services.
They have been researching on these issue for the last 3 year and they have interacted with more than 1000 flat owners and 500+ tenants.
They Interviewed them and understand their pain point along with that they worked from the ground level i.e Field sales associate Till Regional Head in this industry so feel the pain of owner and tenant as well.
Initially they talked about their solution with their old set of customers and NRI Clients and tell them what if someone provides these specific solutions to you and the response was very positive.
Then they decided to Launch their Prototype in a specific location of Powai Hiranandani because Hiranandani projects has maximum number of high end investors and the response was awesome.
Ownex - Name, Tagline, and Logo
Their Logo Reflect a Cut in a Circle which means Ownex assist its client to get relief and come out from their traditional way of renting and property management.
Real estate is all about home and people always trust when they feel Apanapan because its about ghar. They chose the name ownex to give the feeling of Apna pan.
Their tagline is "Simplifying property rentals".
Their tagline reflects their intention to make the process of rental transactions as simple as they deserve.
Ownex Services
A flat owner can simple Sign up with Ownex through a E Service agreement if they have a requirement of tenant finding/ Property maagement service.
Their PMS package includes:
15 Days Renting Guarantee
Flat Service Fee of 25k
Free Tenant Replacement
Fair Market Rental
Background Checks of tenant
Legal Paperwork
Follow up on Rent Collection
Move in/Move out Audit with report
Furnishing Assistance
Monthly Rent and Deposit Collection
Handle Maintenance Call
Any Other Logistical Help
24*7 Dedicated Property Manager
A tenant can Simply Sign up with Ownex through a simple WhatsApp message.
Their House finding Package include:
- Curated Options
- Pre-inspected flat
- On Time Possession
- Fair Market Rental
- Dedicated RM Till Handover
- Guided Site Visits
- Fully Assisted Move in with report
- Fully Assisted Move out with report
- Free Maintenance Support
- Flat service Fee of 25k
- Deposit Refund Assistance with
- Move-in and Move-out Report
- Single POC
Ownex - USP
USP of Ownex services are:
- No Brokerage just a Flat service Fee of 25k
- Unlimited Free Tenant Replacement
- 15 Days Renting Guarantee*
- Complementary PMS
- Experienced Team
- Technology Advantage
Ownex - Business Model and Revenue Model
Ownex earns its revenue from various means which are:
- They charge service fee from flat owner and tenant 25k each
- They take a flat 2k commission on each Leave and license registration from their registered vendors
- They take 10% referral commission from fit-out and furniture vendors
- They take 10% referral commission from their partnered packers and movers
- Ownex is a profitable startup.
Ownex - Customer Acquisition
Ownex acquired most of its customer through Google Ad, referral, and Social Media (LinkedIn, Facebook), and ¼ through real estate portals.
Their Planned marketing Funda involves:
- Digital Marketing
- Brand Alliances
- Developer partnerships
- Referral Programs
- Society Tie up
- BTL Marketing
- Publications & Blogs
- Public Relations (PR)
- Partner Network
Ownex - Challenges Faced
Most Challenging part is to convinced the high end investor that their curated solutions will solve your problem since there are many firms and brokers who broke the trust of that investors.
Their results reflect that they have overcome from these issue and still hustling.
Ownex - Marketing
Their free tenant replacement strategy give them daily 2-3 enquiry through organic marketing only.
Ownex - Growth
In just 90 days of Operation Ownex Achieved
- 14 Lac+ Revenue
- Completed 105+ Site Visit out of it 40℅ Are Virtual
- Onboarded 30+ Paid Clients
- Served 40+ Clients
- Did Strategy Alliance with 1 Real estate Developer
- Recognized By DPIIT
- 5 Star Review on Google
- 1 office in Mumbai
They will be hitting 1 crore of revenue and 200+ paid properties under Management by April 2023.
Ownex - Funding
Ownex is a bootstrapped startup. It has not received any funding yet.
Ownex - Tools Used in the Company
Some of the tools they use in the company are:
- PMS Dashboard for flat owner
- One Tap Service request raise feature for tenant
- Ownex Prop to know last rental history
- Ownex - Competitors
- Local brokers is a tough competitor of Ownex.
Ownex - Future Plans
Ownex has future plans that includes:
- Corporate Tie ups with MNCs
- Developer Tie ups with Tier I and II Real estate developers
FAQs
Who is the founder of Ownex?
Mohd. Sajid, Muhammed Ali, and Pratik Mishra are the founders of Ownex.
When was Ownex founded?
Ownex was founded in 2022.
What are the services offered by Ownex?
Ownex provide 2 set of services to their clients:
- Property management package for flat owner
- House finding package for tenant
